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Discuss how each of the following will affect the market clearing price and quantity in each market. Discuss how the supply and /or demand curves will shift in the following cases (if at all)
A) Incomes rise and the good is a normal goods.
B) The state of technology improves.
Cars are lasting longer. The expected number of miles traveled over a vehicle's life has risen to 180,000 miles in 2001 from 128,000 in 1977. However, new car buyers tend to keep their cars about the same length of time before trading them in. Using ..
If an asset costs $15,000 and after 3 years the salvage value is $2,000, what is the book value at the end of year 2 using SOYD? What does MACRS stand for? A new motorcycle costs $4,000 and has a lifespan of 10 years. The salvage value is $500. Using..
An average worker in Brazil can produce an ounce of soybeans in 20minutes and an ounce of coffee in 60 minutes, while an average worker in Per can produce an ounce of soybeans in 50 minutes and anounce of coffee in 75 minutes.
American Girl doll has an inverse demand curve of P = 150 – 0.25Q, where Q measures the quantity of dolls per day and P is the price per doll. The marginal cost is given by MC = 10 + 0.50Q. What is the total surplus at the profit-maximizing output le..
explain how many smoothest sold by each firm, and illustrate what is the profit made by each firm.
Why do sale of used goods do not add to income of a country in a particular year? If you think of income as the inflow in your bank account. All outflows are just expenditures. So I think of income as how much stuff can someone buy in a particulate y..
What would happen to the demand curve if the major taxi companies lowered their prices? If you were asked to forecast future demand for this firm, how would you set up a forecasting model?
What is the difference between price ceiling and a price floor? If a price ceiling for a good is set below the market equilibrium, what will happen to the quality and future availability of the good? Explain.
Do you think the U.S. Post Office should be protected from competition What about a pharmaceutical company that has just spent millions to develop a life-saving drug
Now, the government realizes aforementioned situation that the one firm controls the industry. Economic officer from the government asks you to fix this problem. Provide your solution by applying the price regulation scheme and you have to give me a ..
What is the difference between customer satisfaction and customer loyalty? Why is it important to distinguish between these two concepts?
If you sell with a price that is above or below the optimum price, what happens with the consumer surplus? Does your response depend on whether it is perfect competition or perfect monopoly?
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